This AI Tool Makes Understanding Contracts Easier With Visual Charts
Alyson Wyers — July 27, 2015 — Tech
References: beagle.ai & springwise
This artificially intelligent tool helps with understanding contracts that might be so full of legalese that they are difficult to comprehend. Canadian company Beagle makes figuring contracts out an easier task by turning them into simple visual charts. So instead of dealing with incomprehensible legal language, you can look at detailed visual summaries instead.
With a goal of eliminating contract pain, Beagle Inc uses a smart tailor-made engine to analyze contracts and create a graphical summary that you can instantly review and evaluate. This offers real-time collaboration and a less frustrating revisision process. The AI-powered platform means understanding contracts is finally achievable, and in a less time consuming manner, as the tool provides analysis in just seconds.
With a goal of eliminating contract pain, Beagle Inc uses a smart tailor-made engine to analyze contracts and create a graphical summary that you can instantly review and evaluate. This offers real-time collaboration and a less frustrating revisision process. The AI-powered platform means understanding contracts is finally achievable, and in a less time consuming manner, as the tool provides analysis in just seconds.
Trend Themes
1. Visual Contract Summaries - Creating visual summaries of contracts for easy comprehension is a disruptive innovation opportunity that can be explored with the use of AI.
2. Real-time Collaboration - The use of Beagle's platform to enable real-time collaboration during contract evaluation is a trend that can make the revision process less frustrating and more effective.
3. AI-powered Contract Analysis - Incorporating AI technology into contract analysis is a trend that presents a disruptive innovation opportunity that can make contract understanding less time consuming and error-prone.
Industry Implications
1. Legaltech - Beagle's AI tool can be considered as a disruptive innovation that can transform the way legal services are delivered and provide significant value to the legaltech industry.
2. Finance - The use of Beagle's AI tool to analyze and evaluate financial contracts can disrupt the industry by providing real-time collaboration and simplifying complex information.
3. Procurement - The implementation of AI-powered contract analysis in the procurement industry can bring significant disruption by streamlining the procurement process and reducing costs while ensuring contract compliance.
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